The Supreme Court on Monday dismissed the State Bank of India’s plea seeking extension of time till June 30 and directed it to furnish the details of electoral bonds to the Election Commission by close of business hours on March 12.A five-judge Constitution bench headed by Chief Justice D Y Chandrachud also directed the EC to publish the details shared by the bank on its official website by 5 pm on March 15.The bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra, put the SBI on notice that the apex court may be inclined to proceed against it for “wilful disobedience” of its February 15 verdict if the bank failed to comply with its directions and timelines.In a landmark verdict delivered on February 15, a five-judge Constitution bench had scrapped the Centre’s electoral bonds scheme that allowed anonymous political funding, calling it “unconstitutional” and ordered disclosure by the EC of donors, the amount donated by them and the recipients by March 13.Ordering the closure of the scheme, the top court directed the SBI, the authorised financial institution under the scheme, to submit by March 6 the details of the electoral bonds purchased since April 12, 2019, till date to the Election Commission.TIMELINE:* 2017: The electoral bond scheme was introduced in the Finance Bill.* Sep 14, 2017: NGO ‘Association for Democratic Reforms’, lead petitioner, moves SC challenging the scheme.* Oct 03, 2017: SC issues notices to Centre and EC on PIL filed by the NGO.* Jan 2, 2018: Central government notifies the electoral bond scheme.* Nov 7, 2022: The electoral bond scheme was amended to increase the sale days from 70 to 85 in a year when any assembly election may be scheduled.* Oct 16, 2023: SC bench headed by CJI DY Chandrachud refers pleas against the scheme to a five-judge Constitution bench.* Oct 31, 2023: Five-judge Constitution bench headed by CJI D Y Chandrachud commences hearing on pleas against the scheme.* Nov 2, 2023: SC reserves verdict.* Feb 15, 2024: SC delivers unanimous judgement annulling the scheme, saying it violates the constitutional right to freedom of speech and expression as well as the right to information.* Mar 4: State Bank of India moves SC, seeking an extension of time till June 30 to disclose details of each electoral bond encashed by political parties.* Mar 7: Plea filed in SC seeking contempt action against SBI, alleging it “wilfully and deliberately” disobeyed the apex court’s direction to submit details of contributions made to political parties through electoral bonds by March 6.* Mar 11: A five-judge Constitution bench of SC dismisses SBI’s plea seeking extension of time and directs it to furnish the details of electoral bonds to the EC by close of business hours on March 12.
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